Common use of Prorations and Credits Clause in Contracts

Prorations and Credits. Rents, utilities, pre-paid service contracts, property taxes, association 122 dues, and other similar items shall be prorated and credited along with security deposits and 123 prepaid items through date of closing. Seller shall pay at closing all special assessments, 124 special service area taxes, or fees or other similar items charged against the premises 125 approved, enacted or confirmed prior to date of final acceptance of contract by a public body, 126 private association or a Court. 127 Tax prorations shall be final as of closing and based upon the actual tax bill if known for a 128 specific tax year; otherwise shall be calculated at 105% of the most recent tax rate times the 129 assessment and exemption information published on the county assessor’s website within 7 130 business days of final acceptance unless Seller submits to Buyer within 7 business days of 131 final acceptance evidence of changes in the assessment and exemption information. Seller 132 warrants that it has submitted or will submit in a timely manner all necessary documentation 133 to preserve the exemptions through closing and shall provide evidence of the same within 7 134 business days of final acceptance; otherwise, the tax prorations shall be prorated without said 135 exemptions.

Prorations and Credits. Rents, utilities, pre-paid service contracts, property taxes, association 122 133 dues, and other similar items shall be prorated and credited along with security deposits and 123 134 prepaid items through date of closing. Seller shall pay at closing all special assessments, 124 135 special service area taxes, or fees or other similar items charged against the premises 125 136 approved, enacted or confirmed prior to date of final acceptance of contract by a public body, 126 137 private association or a Court. 127 138 Tax prorations shall be final as of closing and based upon the actual tax bill if known for a 128 139 specific tax year; otherwise shall be calculated at 105% of the most recent tax rate times the 129 140 assessment and exemption information published on the county assessor’s website within 7 130 141 business days of final acceptance unless Seller submits to Buyer within 7 business days of 131 142 final acceptance evidence of changes in the assessment and exemption information. Seller 132 143 warrants that it has submitted or will submit in a timely manner all necessary documentation 133 144 to preserve the exemptions through closing and shall provide evidence of the same within 7 134 145 business days of final acceptance; otherwise, the tax prorations shall be prorated without said 135 146 exemptions.

Prorations and Credits. Rents, utilities, pre-paid service contracts, property taxes, association 122 118 dues, and other similar items shall be prorated and credited along with security deposits and 123 119 prepaid items through date of closing. Seller shall pay at closing all special assessments, 124 120 special service area taxes, or fees or other similar items charged against the premises 125 121 approved, enacted or confirmed prior to date of final acceptance of contract by a public body, 126 122 private association or a Court. 127 123 Tax prorations shall be final as of closing and based upon the actual tax bill if known for a 128 124 specific tax year; otherwise shall be calculated at 105% of the most recent tax rate times the 129 125 assessment and exemption information published on the county assessor’s website within 7 130 126 business days of final acceptance unless Seller submits to Buyer within 7 business days of 131 127 final acceptance evidence of changes in the assessment and exemption information. Seller 132 128 warrants that it has submitted or will submit in a timely manner all necessary documentation 133 129 to preserve the exemptions through closing and shall provide evidence of the same within 7 134 130 business days of final acceptance; otherwise, the tax prorations shall be prorated without said 135 131 exemptions.

Prorations and Credits. Rents, utilities, pre-paid service contracts, property taxes, association 122 113 dues, and other similar items shall be prorated and credited along with security deposits and 123 114 prepaid items through date of closing. Seller shall pay at closing all special assessments, 124 115 special service area taxes, or fees or other similar items charged against the premises 125 116 approved, enacted or confirmed prior to date of final acceptance of contract by a public body, 126 117 private association or a Court. 127 118 Tax prorations shall be final as of closing and based upon the actual tax bill if known for a 128 119 specific tax year; otherwise shall be calculated at 105% of the most recent tax rate times the 129 120 assessment and exemption information published on the county assessor’s website within 7 130 121 business days of final acceptance unless Seller submits to Buyer within 7 business days of 131 122 final acceptance evidence of changes in the assessment and exemption information. Seller 132 123 warrants that it has submitted or will submit in a timely manner all necessary documentation 133 124 to preserve the exemptions through closing and shall provide evidence of the same within 7 134 125 business days of final acceptance; otherwise, the tax prorations shall be prorated without said 135 126 exemptions. 127 (Seller represents that as of final acceptance, (Condo) (Homeowner) Association fees are 128 $ per and that a special assessment (of $ ) 129 (check one) has not / has been levied).

Prorations and Credits. Rents, utilities, pre-paid service contracts, property taxes, association 122 101 dues, and other similar items shall be prorated and credited along with security deposits and 123 102 prepaid items through date of closing. Seller shall pay at closing all special assessments, 124 103 special service area taxes, or fees or other similar items charged against the premises 125 104 approved, enacted or confirmed prior to date of final acceptance of contract by a public body, 126 105 private association or a Court. 127 106 Tax prorations shall be final as of closing and based upon the actual tax bill if known for a 128 107 specific tax year; otherwise shall be calculated at 105% of the most recent tax rate times the 129 108 assessment and exemption information published on the county assessor’s website within 7 130 109 business days of final acceptance unless Seller submits to Buyer within 7 business days of 131 110 final acceptance evidence of changes in the assessment and exemption information. Seller 132 111 warrants that it has submitted or will submit in a timely manner all necessary documentation 133 112 to preserve the exemptions through closing and shall provide evidence of the same within 7 134 113 business days of final acceptance; otherwise, the tax prorations shall be prorated without said 135 114 exemptions. 115 (Seller represents that as of final acceptance, (Condo) (Homeowner) Association fees are 116 $ per and that a special assessment (of $ ) 117 (check one) has not / has been levied).